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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | DEBT Debt at each of the balance sheet periods consisted of the following Senior Notes:
($ in millions) |  |  |  | September 30, 2025 |  | September 30, 2024 |  | December 31, 2024
Principal Amount | Interest Rate | Issuance Date | Maturity Date | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
$ | 500 |  | 2.45 |  | % | August 2016 | 2027 | $ | 499 |  |  | $ | 491 |  |  | $ | 499 |  |  | $ | 483 |  |  | $ | 499 |  |  | $ | 479 |
500 |  | 2.50 |  |  | March 2022 | 2027 | 499 |  |  | 490 |  |  | 498 |  |  | 482 |  |  | 499 |  |  | 479 |
300 |  | 6 5/8 |  | March 1999 | 2029 | 298 |  |  | 323 |  |  | 298 |  |  | 330 |  |  | 298 |  |  | 320 |
550 |  | 4.00 |  |  | October 2018 | 2029 | 548 |  |  | 550 |  |  | 547 |  |  | 549 |  |  | 547 |  |  | 534 |
500 |  | 3.20 |  |  | March 2020 | 2030 | 498 |  |  | 481 |  |  | 498 |  |  | 476 |  |  | 498 |  |  | 462 |
500 |  | 3.00 |  |  | March 2022 | 2032 | 497 |  |  | 461 |  |  | 497 |  |  | 458 |  |  | 497 |  |  | 439 |
400 |  | 6.25 |  |  | November 2002 | 2032 | 397 |  |  | 445 |  |  | 397 |  |  | 450 |  |  | 397 |  |  | 430 |
500 |  | 4.95 |  |  | May 2023 | 2033 | 497 |  |  | 514 |  |  | 497 |  |  | 519 |  |  | 497 |  |  | 495 |
350 |  | 4.35 |  |  | April 2014 | 2044 | 347 |  |  | 308 |  |  | 347 |  |  | 319 |  |  | 347 |  |  | 298 |
400 |  | 3.70 |  |  | January 2015 | 2045 | 396 |  |  | 320 |  |  | 396 |  |  | 331 |  |  | 396 |  |  | 308 |
850 |  | 4.125 |  |  | April 2017 | 2047 | 843 |  |  | 716 |  |  | 842 |  |  | 750 |  |  | 842 |  |  | 684 |
600 |  | 4.20 |  |  | March 2018 | 2048 | 591 |  |  | 510 |  |  | 591 |  |  | 532 |  |  | 591 |  |  | 490 |
500 |  | 3.95 |  |  | March 2020 | 2050 | 492 |  |  | 404 |  |  | 491 |  |  | 420 |  |  | 491 |  |  | 386 |
500 |  | 3.70 |  |  | March 2022 | 2052 | 494 |  |  | 385 |  |  | 494 |  |  | 399 |  |  | 494 |  |  | 369 |
Total |  |  |  |  | $ | 6,896 |  |  | $ | 6,398 |  |  | $ | 6,892 |  |  | $ | 6,498 |  |  | $ | 6,893 |  |  | $ | 6,173 |
There was no short-term debt outstanding as of the end of all periods presented. During the second quarter 2025, The Progressive Corporation renewed its line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $300 million, which expires April 2026 and has the same terms as the previous line of credit with PNC. See the 2024 Annual Report to Shareholders for a discussion of the terms of this line of credit. We had no borrowings under the line of credit that was available during the periods presented.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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